Market share trends in Florida (TCNNF, LHSIF/AYRWF, CURLF, GTBIF, CCHWF)

The Florida Office of Medical Marijuana Use (OMMU) releases updated cannabis data every Friday.

For the week ending February 19th, the number of qualified patients in Florida’s medical marijuana program grew 1.2% WoW to 491,370 qualified patients with active ID cards. Sales had a notable acceleration in the past week, driven by Trulieve, Surterra Wellness, and Harvest. Trulieve's medical marijuana volumes increased 20% over the prior week, while Surterra Wellness increased 10.5%, and Harvest increased 25.7%. THC in mgs sold increased 8.6% WoW to 178.1 million mgs, CBD in mgs sold increased 33.8% WoW to 4.6 million mgs, and flower in oz. sold increased 10.4% WoW to 56,643 oz. sold. 

Florida’s medical marijuana marketplace has strong potential – the state’s medical marijuana program still has a runway for population penetration, edibles were just introduced to the market in August, and there’s a broad range of qualifying medical conditions, notably ‘severe and chronic pain.’ The rising tide that is patient volume growth lifts all ships.

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Fire & Flower Holdings announced that it has entered into agreements with American Acres Managers, including an agreement to license its Fire & Flower brand, store operating system, and Hifyre technology platform for dispensaries in California, Arizona, and Nevada.  The Strategic agreements provide Fire & Flower with a discounted path to corporately-owned cannabis retail stores in major markets in the United States.  Under the Strategic agreements, Fire & Flower will have the option to acquire American Acres at a discount to fair market value.  The acquisition is expected to occur upon the federal legalization of adult-use cannabis in the United States or when otherwise permitted by the Toronto Stock Exchange policies or any other stock exchange on which the company's securities are listed for trading.  Fire & Flower anticipates the first branded store to be open in Palm Springs, California, during H1 of its FY21 year.


On Friday, Best Idea LONG TRSSF reported preliminary Q4 net sales C$65M vs. FactSet C$63.6M; Adj EBITDA C$26M vs. FactSet C$22.1M; Adj EBITDA margin 40% vs. 35% seq and 24% in Q2.  The company also reaffirms 2021 guidance of Net sales of C$360-380M vs. FactSet C$369.9M and Adjusted EBITDA of C$140-160M vs. FS C$149.4M.  The company reported 2020 net sales of $198 million and adjusted EBITDA of $60 million; 4Q20 net sales of $65 million representing growth of 28% quarter-over-quarter and 152% year-over-year; 4Q20 adjusted EBITDA of $26 million representing growth of 46% quarter-over-quarter.  The Company will host a scheduled conference call to discuss its 2020 results and provide updated 2021 guidance on March 23rd, 2021. The Company will report its financial results for the fourth quarter and full-year 2020 in advance of the call.

We are just about to begin the earnings season for Cannabis which should be a catalyst for high stock prices in the short term.